Whitepaper published by National Bank of Kazakhstan on Digital Tenge


The second phase of testing has been completed by the central bank of Kazakhstan for its digital currency. A whitepaper was published by them. The regulator did not find significant risks to the country’s economy and financial stability in the studies that were done on the introduction of the digital currency.
Monetary Authority of Kazakhstan Reports on Advance of Digital Tenge Pilot Project
The second stage of testing of its platform for central bank digital currency (CBDC) was completed by the National Bank of Kazakhstan (NBK). The regulator published a whitepaper that presented the results of the trials as well as the study on the need to update the national fiat, the Tenge.
The pilot’s first phase was conducted between July 2021 and December 2021. A prototype was created to test the viability the CBDC concept. RBC Crypto quoted an announcement. The second stage was from January to December 2022. This was when the platform was refined and trials were initiated with users and financial market players.
According to the bank’s research, the digital tenge project is feasible. The CBDC will increase financial services availability, including the ability to conduct offline transactions and offer new products and services. A survey of consumers found that the majority would use the currency.

NBK to Launch New Services and Add Participants in the Next Phase of CBDC Project
The third phase of the digital currency’s implementation will begin in January and continue through 2023. Developers plan to create a solution that can be used commercially next year. The fourth stage is set to conclude in December 2025. During this stage, the NBK will invite additional participants and launch new services.
Changpeng Zhao, Binance’s founder and CEO, announced on Twitter in October that the NBK would use the Bnb Chain to deploy the digital tenge. The license was granted to the world’s largest crypto trading platform, Binance, to operate as a provider for custody and exchange services for digital assets from the Astana International Financial Center(AIFC), the country’s financial hub.
Since China’s crackdown on the industry in 2021, Kazakhstan has been a major mining center and authorities have been working to tighten crypto-related regulations. The lower house of parliament, Mazhilis, had passed a bill that addressed crypto trading and taxation earlier in December.
What do you see for cryptocurrency in Kazakhstan after the launch of digital tenge Please share your thoughts below in the comments section.


Add a Comment

Your email address will not be published. Required fields are marked *